How Business Uses Web 2.0 – It’s All About Relevance Says McKinsey Study

31 08 2007

 

Yet another McKinsey Study examines the perspectives of global business executives on the outcome of their Web 2.0 technology investments and future plans.

Here are excerpts from the full report available here (Free sign up required).

  • By and large, executives are satisfied with their previous investments in Internet technology, and most are investing in trends that promote automation and networking online. Nearly three-quarters say that their companies plan to maintain or increase investments in Web 2.0.
  • Companies that acted quickly in the previous wave of investment are more satisfied than late movers.
  • Asked what might have been done differentlyForty-two percent say they would have strengthened their companies’ internal capabilities to make the most of the market opportunity.
  • The most frequently cited investment in Web 2.0 is Web services, being used or considered by 80 percent of the respondents familiar with the tools. Peer-to-peer networking also is popular; 47 percent say they are using or considering it.
  • Nearly two-thirds of those investing in Web 2.0 think they are important for maintaining the company’s market position, either to provide a competitive edge or to match the competition and address customer demand.
  • Though China and Latin America say that their companies are late followers or had invested cautiously, they now plan to invest at the same rate or even faster.

 

 

  • Executives say they are using Web 2.0 technologies to communicate with customers and business partners and to encourage collaboration inside the company. Seventy percent say they are using some combination of these technologies for communicating with their customers.

 

 

  • To communicate with business partners and suppliers, companies are using Web services, peer-to-peer networking, collective intelligence, RSS, and peer-to-peer networking.
  • Companies are using the same technologies to help manage knowledge internally. Just over half of respondents say they used one or more Web 2.0 technologies for that purpose. Just under half use these tools for designing and developing new products—for example, setting up systems to gather and share ideas.

 

 

  • Blogs, podcasts, and mash-ups trail technology trends that allow people to contribute knowledge to a common effort or allow machines to exchange information more easily.
  • Some 43 percent of companies are even more focused on networking and collective intelligence technologies than the global average. These companies are likelier than others to be large, in high tech, and in Asia. And some 22 percent are much likelier to have invested in RSS, blogs, and podcasts than others; these companies are also likelier to be in industries such as media and telecommunications and located in North America.

 


 

 

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